% latex table generated in R 3.3.1 by xtable 1.8-2 package
% Wed Oct  5 20:09:19 2016
\begingroup\tiny
\begin{tabular}{lp{3cm}p{3cm}p{3cm}p{3cm}p{3cm}}
  \hline
 & $\Delta$ Long-term (10-year) bond spread (US 10-year bond, \%) & $\Delta$ Long-term (10-year) bond spread (US 10-year bond, \%) & $\Delta$ Coefficient of variation, LT bond yields (annual, based on monthly data) & $\Delta$ Coefficient of variation, LT bond yields (annual, based on monthly data) & $\Delta$ Long-term (10-year) bond spread (US 10-year bond, \%) \\ 
  \hline
Bond Spread$_{t-1}$ & -0.40*** & -0.40*** &  &  & -0.40*** \\ 
   & (0.04) & (0.04) &  &  & (0.04) \\ 
  LT rate COV$_{t-1}$ &  &  & -0.84*** & -0.84*** &  \\ 
   &  &  & (0.06) & (0.06) &  \\ 
  HRV$_{t-1}$ & -0.02 & -0.04 & -0.12 & -0.21 &  \\ 
   & (0.02) & (0.05) & (0.15) & (0.34) &  \\ 
  $\Delta$ HRV & -0.04 & 0.00 & 0.23 & 0.49 &  \\ 
   & (0.08) & (0.07) & (0.66) & (1.33) &  \\ 
  Public debt/GDP (\%)$_{t-1}$ & 0.01* & 0.01 & 0.03 & 0.02 & 0.01* \\ 
   & (0.00) & (0.01) & (0.02) & (0.02) & (0.00) \\ 
  $\Delta$ Public debt/GDP & 0.05*** & 0.05 & 0.15** & 0.11 & 0.05*** \\ 
   & (0.01) & (0.04) & (0.06) & (0.12) & (0.02) \\ 
  Inflation (\%) $_{t-1}$ & 0.14*** & 0.14*** & -0.22 & -0.23 & 0.14*** \\ 
   & (0.04) & (0.04) & (0.17) & (0.17) & (0.04) \\ 
  $\Delta$ Inflation (\%) & 0.21*** & 0.21*** & -0.09 & -0.10 & 0.22*** \\ 
   & (0.05) & (0.05) & (0.13) & (0.14) & (0.05) \\ 
  GDP Growth$_{t-1}$ & -0.06 & -0.06 & -0.30 & -0.30 & -0.06 \\ 
   & (0.05) & (0.05) & (0.20) & (0.22) & (0.05) \\ 
  $\Delta$ GDP Growth & -0.07 & -0.07 & -0.23 & -0.23 & -0.06 \\ 
   & (0.05) & (0.06) & (0.22) & (0.24) & (0.06) \\ 
  Per Capita GDP$_{t-1}$ & 0.00 & 0.00 & -0.15** & -0.14** & 0.00 \\ 
   & (0.01) & (0.01) & (0.06) & (0.06) & (0.01) \\ 
  $\Delta$ Per Capita GDP & 0.18* & 0.18* & 0.35 & 0.40 & 0.17 \\ 
   & (0.09) & (0.10) & (0.50) & (0.55) & (0.10) \\ 
  OECD average GDP growth$_{t-1}$ & -0.02 & -0.01 & -0.16 & -0.20 & -0.01 \\ 
   & (0.06) & (0.06) & (0.30) & (0.29) & (0.06) \\ 
  $\Delta$ OECD average GDP growth & -0.04 & -0.03 & 0.42 & 0.38 & -0.03 \\ 
   & (0.05) & (0.05) & (0.25) & (0.22) & (0.05) \\ 
  US 3-month interest rate (\%)$_{t-1}$ & -0.03 & -0.04 & -0.37** & -0.35** & -0.04 \\ 
   & (0.04) & (0.04) & (0.17) & (0.17) & (0.04) \\ 
  $\Delta$ US 3-month interest rate (\%) & -0.19*** & -0.20*** & -0.05 & -0.03 & -0.20*** \\ 
   & (0.04) & (0.04) & (0.20) & (0.19) & (0.04) \\ 
  VIX index$_{t-1}$ & -0.02* & -0.02* & 0.06 & 0.07* & -0.02* \\ 
   & (0.01) & (0.01) & (0.04) & (0.04) & (0.01) \\ 
  $\Delta$ VIX index & -0.01 & -0.01 & 0.24*** & 0.24*** & -0.02 \\ 
   & (0.01) & (0.01) & (0.04) & (0.03) & (0.01) \\ 
  Democracy (UDS)$_{t-1}$ & -0.05 & -0.04 & 0.36 & 0.47 & -0.03 \\ 
   & (0.16) & (0.17) & (1.02) & (1.04) & (0.17) \\ 
  $\Delta$ Democracy (UDS) & -0.33* & -0.33 & -0.09 & -0.02 & -0.32 \\ 
   & (0.19) & (0.21) & (0.74) & (0.80) & (0.20) \\ 
  HRV$_{t-1}$ * Public debt/GDP (\%)$_{t-1}$ &  & 0.00 &  & 0.00 &  \\ 
   &  & (0.00) &  & (0.02) &  \\ 
  $\Delta$ HRV * $\Delta$ Public debt/GDP &  & -0.01 &  & 0.05 &  \\ 
   &  & (0.00) &  & (0.00) &  \\ 
  HRV$_{t-1}$ * $\Delta$ Public debt/GDP &  & 0.00 &  & 0.01 &  \\ 
   &  & (0.02) &  & (0.10) &  \\ 
  $\Delta$ HRV * Public debt/GDP (\%)$_{t-1}$ &  & -0.00 &  & -0.00 &  \\ 
   &  & (0.01) &  & (0.02) &  \\ 
  FRT Residuals$_{t-1}$ &  &  &  &  & -0.04 \\ 
   &  &  &  &  & (0.05) \\ 
  $\Delta$ FRT Residuals &  &  &  &  & -0.01 \\ 
   &  &  &  &  & (0.08) \\ 
  FRT Residuals$_{t-1}$ * Public debt/GDP (\%)$_{t-1}$ &  &  &  &  & 0.00 \\ 
   &  &  &  &  & (0.00) \\ 
  $\Delta$ FRT Residuals * $\Delta$ Public debt/GDP &  &  &  &  & -0.01 \\ 
   &  &  &  &  & (0.00) \\ 
  FRT$_{t-1}$ * $\Delta$ Public debt/GDP &  &  &  &  & 0.00 \\ 
   &  &  &  &  & (0.02) \\ 
  Constant & -0.06 & 0.01 & 11.44*** & 11.06*** & -0.10 \\ 
   & (0.83) & (0.90) & (3.68) & (3.67) & (0.84) \\ 
   &  &  &  &  &  \\ 
   &  &  &  &  &  \\ 
  Countries & 23 & 23 & 24 & 24 & 23 \\ 
  Observations & 395 & 395 & 421 & 421 & 395 \\ 
  Adjusted R-squared & 0.45 & 0.44 & 0.49 & 0.49 & 0.45 \\ 
   \hline
\end{tabular}
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